Short sales
& FORECLOSURES
Wendy Wilmot Properties is your local resource for successfully buying and selling distressed properties.
With so many unique bank processes and rules, plus federal regulations, navigating a short sale or foreclosure process can be a daunting and frustrating task for both buyers and sellers. At WWP, we have certified Short Sale & Foreclosure Resource (SFR) professionals here to help you through the entire process and beyond. We are continually gaining new, up-to-date understandings of different bank processes, and we will work on your behalf to make sure you have all you need to complete a successful transaction.
View All HOME
Short Sales or Foreclosures
View All LAND
Short Sales or Foreclosures
Short Sale Defined
When an owner and his/her lender(s) agree to sell a property for less than the note owed against that property. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose. Neither all sellers nor all properties qualify for short sales, and every transaction is unique.
A lender's consideration of a short sale may not be a result of seller's default. A lender may consider a short sale if the seller is current but the value has fallen, or if the seller has over-encumbered the property. In some cases, a lender's willingness to grant a discounted price might bring the price in line with market value, not below it. In such a case, there will still be tax and credit implications for the seller, and the buyer may not be getting the bargain he or she thinks of when hearing the words "short sale."
To understand the difference between a foreclosure and a short sale, see ABOUT FORECLOSURES.
Foreclosures: What's the difference?
Buying a foreclosure differs from a short sale in that the buyer is no longer negotiating with an owner and a lender; rather the lender has become the owner. As a result, we will negotiate directly with that lender. While the process itself can be a challenge, it is essentially a quicker and more direct process.
Each lender has different rules, processes and forms. However, there are a few things you should have ready immediately for any foreclosure process, see Buyer Info.
